OxyChem Q3 earnings down 34% on across the board price falls

25 October 2012 13:26[Source: ICIS news]

LONDON (ICIS)--The chemicals production division of US petrochemical giant Occidental Petroleum posted a 34% drop in earnings in the third quarter as a result of lower prices “across most product lines”, the company said on Thursday.

Occidental Chemical Corporation (OxyChem) reported a year-on-year fall in earnings to $162m (€124m) in the third quarter of 2012, from $245m over the same period last year.

The earnings drop is more than three times the size of the fall in sales over the quarter, which declined by 10% to to $1.11bn from $1.23bn last year.